Airtel Q4 FY26 Net Income Surges 38.7% YoY; Committed to ARPU Growth

Bharti Airtel announced its audited consolidated and standalone financial results for the fourth quarter (Q4) and full year ended March 31, 2026. The Board of Directors, at its meeting held on May 13, 2026, approved the results and recommended a final dividend of Rs 24 per fully paid-up equity share (face value Rs 5 each) and Rs 6 per partly paid-up equity share for FY26, subject to shareholder approval at the ensuing Annual General Meeting. In its post-results concall, the company reaffirmed its commitment to double down on all ARPU growth strategies.

Q4 FY26 Consolidated Financial Performance

Bharti Airtel delivered robust revenue growth driven by sustained momentum across India and Africa. Consolidated revenue from operations for Q4 FY26 stood at Rs 553,832 million, a 15.7% increase YoY and up from Rs 539,816 million in Q3 FY26. EBITDA rose to Rs 315 billion, compared to Rs 308 billion in Q3 FY26, with an EBITDA margin of 57.01% versus 57.02% QoQ. Net income before exceptional items surged 38.7% YoY to Rs 7,245 crore, while consolidated net profit for Q4 FY26 stood at Rs 73 billion, up from Rs 66.3 billion in Q3 FY26. The Consolidated Net Debt (excluding lease obligations) to EBITDAaL ratio improved to 0.79 times as of March 31, 2026, from 1.42 times in the corresponding quarter last year.

The following table summarises key consolidated financial metrics for Q4 FY26, Q4 FY25, and the full financial years:

Metric (Rs crore):	Q4 FY26	Q4 FY25	YoY Growth	FY26	FY25	YoY Growth
Total Revenues	55,383	47,876	15.7%	2,10,973	1,72,985	22.0%
EBITDA	32,038	27,404	16.9%	1,21,268	94,249	28.7%
Net Income (before exceptional items)	7,245	5,223	38.7%	26,904	17,573	53.1%

Consolidated Earnings Per Share

On a consolidated basis, earnings per share (face value Rs 5 each) for Q4 FY26 were as follows:

EPS Metric:	Q4 FY26	Q4 FY25	FY26	FY25
Basic EPS (Rs)	12.53	19.02	45.96	58.00
Diluted EPS (Rs)	12.15	18.38	44.37	56.04

Consolidated Income Statement Highlights

The audited consolidated statement of financial results (Rs in Millions) reflects the following key line items:

Particulars (Rs in Millions):	Q4 FY26	Q3 FY26	Q4 FY25	FY26	FY25
Revenue from Operations	553,832	539,816	478,762	2,109,728	1,729,852
Other Income	8,785	7,023	4,858	28,173	15,737
Total Income	562,617	546,839	483,620	2,137,901	1,745,589
Total Expenses	238,916	231,988	208,674	912,983	798,260
EBITDA (Profit before D&A, Finance Costs, Exceptional Items & Tax)	323,701	314,851	274,946	1,224,918	947,329
Depreciation & Amortisation	136,435	134,201	123,260	527,108	455,703
Finance Costs	56,056	56,232	55,023	215,553	217,539
Profit before Exceptional Items & Tax	132,054	125,581	97,240	485,902	311,117
Exceptional Items (net)	31,607	2,568	1,401	34,175	(72,868)
Profit before Tax	100,447	123,013	95,839	451,727	383,985
Profit for the Period	92,474	85,028	124,758	338,228	374,813

During Q4 FY26, the Group recognised a charge of Rs 31,607 million on account of regulatory and government levies, along with a corresponding deferred tax asset of Rs 1,402 million. The Group also reversed deferred tax liabilities of Rs 30,952 million, which are no longer a difference between the Group's carrying value of its investment and its tax base.

India Business Performance

India revenues for Q4 FY26 increased 7.7% YoY to Rs 39,566 crore. The mobile segment reported an ARPU of Rs 257, up from Rs 245 in Q4 FY25, supported by a growth of 20.0 million smartphone data customers YoY. The Homes segment achieved a 37.3% YoY revenue growth, adding 1.1 million customers during the quarter to reach a total base of 14.2 million. Airtel Business recorded a sequential revenue growth of 2.6%. In the post-results concall, the company underscored its commitment to double down on all ARPU growth strategies, reflecting confidence in continued monetisation of its expanding subscriber base.

Segment-wise Revenue Performance

The table below presents segment-wise revenue for Q4 FY26, Q3 FY26, Q4 FY25, and the full financial years (Rs in Millions):

Segment (Rs in Millions):	Q4 FY26	Q3 FY26	Q4 FY25	FY26	FY25
Mobile Services India	288,305	286,516	266,168	1,129,954	1,002,500
Mobile Services Africa	160,335	150,100	113,763	568,064	418,795
Airtel Business	54,904	53,531	53,155	211,766	220,935
Passive Infrastructure Services	82,009	81,800	77,630	326,944	112,920
Homes Services	21,914	20,008	15,961	77,747	59,044
Digital TV Services	7,467	7,552	7,644	30,179	30,608
Others	934	937	891	3,883	3,478
Total Segment Revenue	615,868	600,444	535,212	2,348,537	1,849,221
Less: Inter-segment Eliminations	62,036	60,628	56,450	238,809	119,369
Total Revenue	553,832	539,816	478,762	2,109,728	1,729,852

Africa and Operational Highlights

Africa revenues grew 22.3% YoY in constant currency to USD 1,610 million, with an EBITDA margin of 49.5%. The overall customer base reached approximately 666 million across 15 countries. During the quarter, the company announced an investment of USD 1 billion by Alpha Wave Global, Carlyle, and Anchorage Capital in Nxtra Data Limited. Additionally, plans were announced to capitalise Airtel Money Limited with Rs 20,000 crore over the next few years.

During Q4 FY26, Airtel Africa plc completed its second share buy-back programme for USD 100 million, buying back a further USD 19 million worth of shares (of which USD 6 million worth were cancelled), bringing the total buy-back to USD 100 million. This resulted in an increase in the Group's effective shareholding in Airtel Africa from 62.60% to 62.62%.

Consolidated Balance Sheet Summary

The audited consolidated balance sheet as of March 31, 2026 reflects the following key figures (Rs in Millions):

Balance Sheet Item (Rs in Millions):	March 31, 2026	March 31, 2025
Total Assets	5,521,516	5,143,604
Property, Plant & Equipment	1,570,659	1,432,724
Right-of-Use Assets	673,244	602,415
Other Intangible Assets	1,252,604	1,332,569
Cash & Cash Equivalents	137,222	61,056
Total Equity	1,959,634	1,534,677
Equity Attributable to Owners of Parent	1,490,566	1,136,719
Non-Controlling Interests	469,068	397,958
Non-Current Borrowings	1,000,849	1,048,638
Current Borrowings	215,865	434,485
Total Liabilities	3,561,882	3,608,927

Consolidated Cash Flow Highlights

For the year ended March 31, 2026, Bharti Airtel generated strong operating cash flows. Key consolidated cash flow figures are presented below (Rs in Millions):

Cash Flow Item (Rs in Millions):	FY26	FY25
Net Cash from Operating Activities	1,222,296	983,322
Net Cash Used in Investing Activities	(585,345)	(602,698)
Net Cash Used in Financing Activities	(522,926)	(365,332)
Net Increase in Cash & Cash Equivalents	114,025	15,292
Cash & Cash Equivalents (end of year)	243,847	106,531

During FY26, the company completed the first and final call of Rs 401.25 per share (including a premium of Rs 397.50) on 391,176,994 outstanding partly paid-up equity shares, amounting to Rs 156,960 million, issued on a rights basis pursuant to the Letter of Offer dated September 22, 2021. Proceeds from the issue of shares (net of transaction costs) amounted to Rs 156,949 million.

Audited Standalone Financial Highlights

On a standalone basis, revenue from operations for Q4 FY26 was Rs 312,964 million, with a profit for the quarter of Rs 13,445 million. For the full year FY26, standalone revenue from operations stood at Rs 1,214,927 million and standalone profit was Rs 137,445 million. Key standalone financial metrics are summarised below (Rs in Millions):

Standalone Metric (Rs in Millions):	Q4 FY26	Q3 FY26	Q4 FY25	FY26	FY25
Revenue from Operations	312,964	308,548	286,083	1,214,927	1,089,439
EBITDA (Profit before D&A, Finance Costs, Exceptional Items & Tax)	188,332	183,768	165,714	729,412	621,236
Profit before Exceptional Items & Tax	59,483	57,027	46,861	227,916	143,729
Exceptional Items (net)	31,362	2,099	—	33,461	(34,915)
Profit before Tax	28,121	54,928	46,861	194,455	178,644
Profit for the Period	13,445	40,907	93,176	137,445	235,018
Basic EPS (Rs)	2.30	7.05	16.07	23.65	40.60
Diluted EPS (Rs)	2.23	6.80	15.53	22.84	39.26

During Q4 FY26, the standalone entity recognised a charge of Rs 31,362 million on account of regulatory and government levies, along with a corresponding deferred tax asset of Rs 1,347 million.

Standalone Balance Sheet Summary

The audited standalone balance sheet as of March 31, 2026 reflects the following key figures (Rs in Millions):

Balance Sheet Item (Rs in Millions):	March 31, 2026	March 31, 2025
Total Assets	3,999,857	3,924,788
Property, Plant & Equipment	872,809	827,599
Other Intangible Assets	984,959	1,066,057
Cash & Cash Equivalents	69,578	6,628
Total Equity	1,605,349	1,401,311
Non-Current Borrowings	854,411	902,801
Current Borrowings	96,305	205,595
Total Liabilities	2,394,508	2,523,477

Standalone Cash Flow Highlights

Key standalone cash flow figures for the year ended March 31, 2026 are as follows (Rs in Millions):

Cash Flow Item (Rs in Millions):	FY26	FY25
Net Cash from Operating Activities	749,310	623,363
Net Cash Used in Investing Activities	(412,855)	(414,529)
Net Cash Used in Financing Activities	(273,505)	(207,550)
Net Increase in Cash & Cash Equivalents	62,950	1,284
Cash & Cash Equivalents (end of year)	69,578	6,628

The audited consolidated and standalone financial results for Q4 and the year ended March 31, 2026 were reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on May 13, 2026. The results have been audited by Deloitte Haskins & Sells LLP, Chartered Accountants, with an unmodified opinion. The financial statements have been prepared in accordance with Indian Accounting Standards (Ind AS) as prescribed under Section 133 of the Companies Act, 2013.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-1.14%	-2.92%	-1.58%	-14.53%	-4.12%	+243.90%

Bharti Airtel has reaffirmed its confidence in the long-term growth potential of its African operations, even as a company executive acknowledged that certain parts of the business are currently facing headwinds from geopolitical tensions.

Africa Operations: Confidence Amid Challenges

A Bharti Airtel executive stated that the company remains optimistic about the long-term prospects of its Africa business, underscoring the strategic significance of the continent to the telecom major's overall growth trajectory. At the same time, the executive noted that some operations are being affected by the current geopolitical environment in the region.

Parameter:	Details
Region of Focus:	Africa
Executive Outlook:	Confident in long-term growth prospects
Current Challenge:	Some operations affected by geopolitical tensions

Key Takeaways

A company executive has expressed confidence in Bharti Airtel's long-term growth prospects in Africa.
Certain operations within the Africa business are currently impacted by prevailing geopolitical tensions.
The remarks reflect both the strategic importance of Africa to the company and the near-term operational challenges being navigated.

The executive's comments reflect a balanced assessment of the African business environment — acknowledging present-day disruptions while maintaining a positive long-term outlook for the region.

Airtel Q4 FY26 Net Income Surges 38.7% YoY; Committed to ARPU Growth